HomeMy WebLinkAboutORD 520 (1971)
ORDINANCE- NO. 520
AN ORDINANCE OF THE CITY 0F TUSTIN
CALIFORNIA, PROVIDING FOR THE ISSUANCE
OF GENERAL OBLIGATION
BONDS OF SAID CITY IN THE AMOUNT 0F
" $ 1,200,000.
WHEREAS, pursuant to Ordinance No. 508 of the
City of Tustin , California, a special municipal
election was duly and regularly held in said city on the
25th day of May , 19 71, at which election there
was submitted to the qualified voters of said city the follow-
ins bond proposition, to wits
In order to develop community park
,,, and recreation facilities, including the
development of three neighborhood park
sites and one central park, with youth.
sports facilities, lighted tennis and
other athletic courts, family picnic
areas, recreation buildings, landscaping,
recreation equipment, utilities, furnish-
ings, equipment and other property neces-
sary or incidental'thereto, shall the
City of Tustin incur a bonded indebtedness
in the principal sum of $1,200,000 for
the purpose of acquiring and-construct-
ing such improvements.
6/65 = '
and
WP~REAS, said proposition received the affirms,
tlve vote and assent of mo~e than two-thirds of all of the
qualified voters of said city voting on said proposition,
and said city is now authorized to issue bonds in the amoun~
and for the purpose set'forth In said proposition:
NOW, THEREF0~E, the City Council of the City of
Tustin , California, DOES O~DAIN as follows~
Sectionl. That bonds of the City of Tustin
California, in the principal sum of $ 1,200,000 be~lssued
and sold for the purpose set forthin the bond proposition
in the recitals hereof. Said bonds shall be designated
CITY OF TUSTIN 1971 PARK BONDS
shall be 240 in number,
numbered 1 to 240 both inclusive, and shall be of
the denomination of $ 5,000 each. Said bonds shall be da~ed
October 1 , 19 71, and shall be payable in consecutive
numerical order on April 1 in eachof the years and amounts
as follows:
Date Amount Dat~ Amoun~
'~197}!, $ 10,000 1982 S 75,000
1974 . 15,000 1983 75,000
1975 25,000 1984 7'5,000
1976 50,000. 1985 75,000
1977 50,000 ~ 1986 75,000
1978 50,000 1987 75,000
1979 50,000 1988 75,000
1980 75,000 1989 75,000
1981 75,000 1990 100,000
1991 100,.000
Said bonds shall bear in~:erest at a rate or rates
_. to be hereafter fixed by resolution# but not to exceed :
seven per cent (7%) per annum, payable semiannually. Said
-bonds and the interest thereon shall be payable in lawful
money of the United States of America at the offic~ of the
City Treasurer of the City of Tustin, California, in said
City, or at the option of the holder hereof, or at paying
agents of the City in the cities of Los Angeles, California,
Chicago, Illinois and New -York, New York.
Section 2. That the Mayor and the City Treasurer
of Said city are hereby authorized and directed to sign all
of said bonds by their printed, lltho~raphed or engraved
facsimile signatures, and the City Clerk Of said city is
hereby authorized and. directed to countersign said bonds
and to cause the corporate seal of said city to be impressed,
imprinted or reproduced thereon, and the City Treasurer of
said city is hereby authorized and directed to sign the inter-
est coupons of said bonds by hls printed, litho~raphed or
engraved facsimile signatures and to number said lnte~est
coupons of each of said bonds consecutlvely.
Section 3. That the proceeds of the sale of said
bonds (except premi.um, if any, and accrued interest) shall
forthwith be turned over to and placed in the municipal
treasury~of said city to the credit of a fund hereby created
· and designated "City ~f Tustin 1971. Park Bonds Acquisition
and COnstruction Fund"
and the. moneys in sala ~kmd shall be applied exclusively
~o the acquisition and construction of the municipal improve-
ment described in the bond proposition in-the recitals hereof,
except as provided in Section 43628 of the Government Code.
Section 4. That any premiumor accruedinterest
received from the sale of said bonds shall forthwith be
turned over to and placed in said treasury in the interest
and redemption fund hereinafter created. That for the
purpose of paying the principal and interest of said bonds,
the City CounCil of said city shall at the time of fixing the
general tax levy, and annually thereafter until said bonds
~:~?
set apart for that purpose sufficient to meet all paYmentS of
principal and interest on said bonds as they become due, levy
and collect a tax sufficient.to pay the interest on said bonds
as it falls due and such part of the principal thereof as will-
become due before the proceeds of a tax levied at the next gen-
eral tax levy~ will be~available. Said ~tax shall be in addition
to all other taxes levied for municipal purposes and shall be
levied and collected as other city taxes, and shall forthwith
be turned over and paid into a fund of the city to be known as
~I "City of Tustin 1971 Park Bondsw Znterest and Redemption Fund."
Said fUnd shall be used for no other purpose than the payment
6f said bonds and interest. thereon until said bondls and interest
are fully paid.
Section 5- That said bonds and the coupons for .the
interest thereon shall be issued in substantially the following
i'orm:
..
:
I
UNITED STATES OF A~RICA '
STATE OF CALIFORNIA
CITY OF TUS~IN 1971 PARK BONDS
$5,000
The CITY OF TUSTIN, a municipal corporation
situated in the County of Orange, State of California,
FOR VALUE RECEIVED, hereby acknowledges its indebtedness
and promises to pay to the bearer hereof the sum of FIVE
THOUSAND DOLLARS ($5,000) on the first day of April,
19 , with interest thereon at the rate of per
cent ( %) per annum, interest payable semiannually
on the first days of April and October of each and every
year from the date hereof until this bond is paid, on
presentation and surrender of the respective interest
coupons hereto attached. Both principal and interest
are payable in lawful money of the United States of
America at the office of the City Treasurer 'of the City
of Tustin, California, in said city and at paying-agents
" of said city in the cities of Los Angeles, California,
Chicago, Illinois and New York, New York.
This bond is issued by the City of Tustin
under and in pursuance of an,~ in confo_mnlty with
the provisions of Article ].~ Chapter4~ Division 4,
Title 4 of the Government Code of the Stateof
California, and acts supplementary thereto~ and In
pursuance of ~'he laws ~n,.l-Constitution of the State
of California~ and is ~thorized by a vote of more
than two-thirds of all the ~alified voters of said
City of Tustin roving at an election duly
and legally called.~ held and. conducted in said city
onthe 25th day of May, 1971.
IT IS HERE~.Y CERTIFIED~ RECITED AND DECLARED
tha~ all acts, conditions and things required by
law to exist, happen a~d be performed precedent
to and in the issuance of ~his bond have existed~
happened and been performed in due time, form and
~anner as required by law~ and ~hat the amoun~ of
tF~s bond, roger. her with all other indebtedness of
said city~ does-not exceed any debt limit prescribed
by ~ne raws c~. Constltut'..lor~ of the State of California.
IN WITNESS WHEREOF, Said City of Tustin
has caused this bond to be signed by the.Mayor and
the City Treasurer of said city by their facsimile
bignatures, countersigned by the City Clerk of said
city and Sealed with the corporate seal of said
city, and the interest coupons heretd ~ttached to
be signed by the City Treasurer by his facsimile
signature, and has caused this bond to be dated the
first day of October, 1971
~yor of the'City 'of ~Ustin,'
california
.~ City Treasurer. dr theTCity o'~
" Tustin, California
COUNTERSIGNED:
City Clerk "'of the"'C'i'ty of
Tustin, California
· (COUPON FORM) :'
On the first day of
the CITY-OF TUSTIN 19 .....
California, will pay to the
bearer, at the office of the
City Treasurer of said city, Coupon No.
in said city, or at the option ...
of the holder hereof, or at
paying agents of the city in
the cities of Los Angeles,
California, Chicago, Illinois
- ~ and New York, New York,
the sum of $..i..I' .....
in lawful money of the United
States of America,.being the
interest then due on its
1971 Park Bonds. N0.
Dated October 1___ , 19..21
· - C'ity Treas~xre:~ of"the,City of
Tustin, California
3/,3
Substantially the following provisions for regis-
tration shall be printed on the reverse side of each bond:
PROVISIONS FOR REGISTRATION
This bond may.be registered in the name of
any person as the registered owner hereof, only
as to both principal and.interest, and, if regis-
tered, may be discharged from registration.'
Each registration, transfer after registra-
tion, or discharge from registration of this
bond shall be entered by the City Treasurer in
books kept for th'e purpose and noted by said
Treasurer in the registration blank below.
Upon registration, all unmatured coupons pertain-
ing hereto shall be surrendered to the City
Treasurer and shall be preserved by said
Treasurer.
So long as this bond is registered, no
transfer hereof shall be valid for any purpose
unless made by the registered owner and entered
and noted as herein provided, and the principal
hereof and any redemption premium shall be payable
only to the registered owner, or to his order.
Interest on this bond, if registered, shall be
payable to the person whose name appears upon
the registry books as the registered owner hereof
at the close of business on the tenth day preceding
the interest payment date, or to his order. If
this bond is registered and if it is discharged
from registration, there shall be attached hereto
coupons representing interest hereon to become
due thereafter to the date of maturity hereof.
In lieu thereof, and upon surrender and cancella-
tion hereof, the City Treasurer may issue in
exchange herefor a new bond, with such coupons
attached, identical with this bond, except for
the previous notations on the registration blank
hereon, and except that the signatures on the
new bond shall be those of the persons holding
the offices at the time of affixing such signa-
tures. The issuance of any such .new bond or
new coupons shall be at the expense of the
registered owner ' '
Each discharge hereof from registration
shall be effected by an entry on the registry
books., and a notation"in the-blank below, that
this bond is payable to bearer,.whereupon this ~
bond shall' become an unregistered bearer instru-
ment, negotiable by delivery as if it had never
been registered. Each request for registration,
transfer, or dischar. ge must be in fcrm satisfactory
to the City Treasurer and must be ~ade in writing,
signed by the registered owner, or by his agent
duly authorized in writing, or by the bearer, as
the case may be.
Date of In'Whose Name Signature of
Pa. gistration RegiStered City Treasurer
[TO BE L-NSERTED ON FACE
OF ~ ]
Unless this bond matures on or prior to
April 1, 1985 it is redeemable prior to
maturity in accordance with the pvov lions.'
for redemption endorsed hereon.
If the bond to which this coupon is
attached is redeemable and is dul~
called for redemption on a date
prior to the maturity date of this
coupon, this coupon will be void,
[ nsuas oF ]
,- P~OVISIONS FOR REDEMPTION
Unless this bond matures on or prior to
April 1, 1985 it is redeemable in the
mnner and subject to the terms and provisions,'
and with the effect, set forth in Ordinance
No. (adopted by the City Council of
said city on at the option
of said City Council on April 1, 1985
or on any interest payment date thereafter
prior to maturity, upon at least thirty (30)
days, prior notice in a financial newspaper
or Journal of national circulation, published ..
in the City and State of New York, at a redemp-
tion price equal to the principal amount hereof,
-plus accrued interest and a premium equal
one-half of one percent (1/2%), of the principal
amount of said bond per year or fraction of a
year from the date of redemption to the date of
maturity of the respective bond.
Section 6. The bonds maturing onor prior to
April 1, 1985 shall not be subject to call or redemption
prior to maturity. The bonds maturing on. or after April 1,
1986 or any of them, may be called before.maturity and
redeemed at the option of the City Council of said city'
on April 1, 1985 or on any interest payment date there-
after prior to maturity, at a redemption price for each
redeemable bond equal to. the principal amount thereof, plus
accrued interest and~a premium equal toone-half of one
percent (1/2%) of the principal amount of said bond per
year'or fraction of a year between the date of redemption
and the maturity date of the respective bond. All or any
of the bonds subject to call;may be called for redemption
at any one time. If less than all of the bonds are rede&med
at any one time, such~bonds shall be redeemed only in inverse
order of maturity and by lot within a maturity. The interest
payment date on which bonds which are called are to be
presented for redemption is hereinafter sometimes called
the "redemption date."
Section 7. 'Notice of the intended redemption
shall be published by one-(1) publication in a financial
newspaper or journal of national circulation, published
in the City and State of New York, said publication to be
at least thirty (30) days but not more than sixty (60)
" days prior to the redemption date. The-notice of redemp-
'tion shall (a) state the redemption date; (b) state the
redemption price; (c) state the numbers and dates of
maturity of the bonds to 'be redeemed; provided, however.
that whenever any call includes all of the bondsof a
maturity, the numbers of such maturity. need not be stated;
(d) require that such bonds be surrendered with all interest
coupons maturing subsequent to the redemption date at the
,- office of the City Treasurer of said city, in said city,
or at the option of the holder hereof, or at paying agents
of the city in 'the cities of Los Angeles, California, Chicago,
Illinois and New York, New York;
(e) give notice that further interest on such bonds will
n~t accrue after the designated redemption date.
If any of the bonds desi~nated for redemption
shall be registered so as to be payable otherwise than to
bearer, the City Treasurer shall, on oT before the date of
the publication ~f said notice of redemption,. mail a similar
notice, postage prepaid, to the respective registered owners
thereof at the addresses appearing on the-bond registry books.
The actual receipt by the holder of any bond (herein-
after referred to as "bondholder") of notice of such redemption
6766 .-- --
shall not~be a condition precedent to redemption, and
failure to receive such noti~ shall not affect the validity
of the proceedings for the redemption of such bonds or the-
cessation of interest on the-date fixed for redemption.
The notice or n~tices required by this section .~
shall be given by the City Treasurer. A certificate by said-
City Treasurer that notice'of call and redemption has been
given to holders of registered bonds as herein provided shall
he conclusive as against all parties, and no bondholder whose
registered bond is called for redemption my object thereto
or object to the cessation of interest on the redemption date
fixed by any claim or showing that he failed to actually re-
ceive such notice of call and redemption.
Section 8 · Prior to the time the City Council '-
determines to call and redeem any of said bonds there shall
be established in the treasury of sai~ city a Redemption Fund
to be described or known as "City of Tustin 1971 Park Bonds
Redemption Fund"
and prior to the publication of the notice of a redemption
there must be setasidein said Redemption Fund moneys aVail-
able for the purpose and Sufficient to redeem, at the premiums
payable as in this Ordinanc~ provided, the bonds designated
in such notice of redemption. Said moneys must be set aside
in said fund solely fo~ that purpose andshall be applied on
or after the redemption dateto payment (principal and premium)
for the bonds to be redeemed upon presentation and surrender
of such bonds and all'interest coupons maturing after the re-
demption date, and shall be used only for that'purpose. Any
interest coupons due on or priorto the redemption date shall
b~ paid from the interest and Redemption Fund
provided for hereln upon presentation and surrender'thereof.
~ ~mmmm
Any interest due on or p~ior to the redemption date upon
bonds registered as to both principal and interest shall be
pald from said Interest Fund. Each bond presented-(lf un-
registered or registered asto principal only) must have
attached thereto or presented therewith all interest coupons
maturing after the redemption date. If after all Of the
bonds have been redeemed and cancelled or paid and cancelled
there are moneys remaining in said Redemption Fund, sald
moneys shall be t~ansferred tothe general fund of said city;
provided, however, that if said moneys are part of the pro-
ceeds of refunding bonds, said moneys shall be transferred
to the fund created for the payment of principal of and
interest on such refunding bonds..
Section. . When notice of redemption has been
given, substantially as provided for herein, and when the
amount necessary for the redemption of the bonds called for
redemption (principal and premium) is set aside for that
purpose in the Redemption Fund, as-provided for hereln, the
bonds designated for redemption shall become due and payable
on the date fixed for redemption thereof, and upon presen-
tation and surrender of sald bonds and (except as to bonds
registered as to both principal and interest) all interest
coupons maturing after the redemption date, at the place
specified In the notlce of redemptionssuch bonds shall be
redeemed and paid at said redemption price out of the
Redemption Fund, and no interest will accrue on such
bonds called for redemption or on any interest coupons
thereof after the redemption date specified in such
notice, and the holders of said bonds so called for
redemption after such redemption date sh~ll look for the'
payment of such bonds and the premium thereon only
said Redemption FUnd, All bonds redeemed and all interest'
coupons thereof shall be cancelled forthwith by the City
Treasurer and shall not be reissued.
All interest coupons pertaining to any redeemed
bonds, which' coupons have matured on or prior to the time
fixed for redemption, shall continue to be payable to the
respective holders thereof but without interest'thereon
All unpaid interest payable at orprior to the date fixed
fo~ redemption upon bonds registered in such manner that
the interest is payable only to the registered owners shall
continue to b'e payable to the respective registered owners
of such bonds, or their order, but without interest' thereon.
~< Section 10.. That any of said bonds may be'regis-
tered only as to both principal and interest, and any
"' registered bond may be discharged from registration, in
the manner and with the effect set forth in the provisions
--- fdr regf~stration contained in the form of bond set forth
herein. The City Treasurer and the paying agents shall
hold all coupons submitted with bonds upon registration
for attachment in case of deregistration.
Section 11. That the City Clerk shall certify
to'the passage and adoption of this ordinance by a vote
of at least two-thirds of all the members of the City Council
of said city,and shall cause this ordinance to be published
once in the Tustin News , a newspaper of general circulation
in said city.
Section 12. This ordinance shall take effect
thirty (30) days.after its adoption.
ADOPTED, SIGNED AND APPROVED this 16th day of Auqust, 1971.
Mayor of Tustln,"
California
ATTEST:
Cali forni a
('SEAL)
/f
STATE OF CALIFORNIA
COUNTY OF ORANGE . SS.
" CITY OF' TUSTIN ' "
I, Florence A. Kortmey.,er, Deputy, City Clerk of
t~e City of Tustin , ~aliffornia, DO HE.%EBY
CERTIFY that 'the foregoih. g""oFdinance was introduced at a
regular meeting of the City Council
~uly' h'~ld on the 2nd day of August li~
and thereafter at a "' regular' me~t
said City Council dul~-he'ld' on the 16th 'day of August
19 7L was duly passed and adopted'5['said City 'Council
and s~gned and approved by the Mayor of said City, and that
said ordinance was passed. and adopted by the following vote,
to wit:
' AYES: Count ilmen Coco, C. Miller, Marsters,
'L. mi'~z~r, 'as't'er.
NOES: Councilmen None
ABSENT: Councilmen None
(SEAL) ~' Cit~ Clerk of the Cityke~!~
Tustin, California
STATE OF CALIFORNIA
COUNTY OF ORANGE ss.
CITY OF TUSTIN.
I, -~/%~i~'~.~..~--.-':~.".,~~ City Clerk of
the City of Tust~B ........ .[,'~Ca~j~rnla, DO HEREBY
CERTIFY that the a~ov~' and foreg'0fng is a full, true and
correct copy of Ordinance No. j-7~ of said city and
tha~ said ordinance was adopted at the time and by the
vote stated on the certificate attached thereto, and has
not been amended or repealed.
DATED: .z~'a~~/~/f ..., 19 71-
~ Tustin, California